Debt Free?

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Permalink Reply by Joe Ingersoll on August 1, 2008 at 4:03pm

Well, I've been on a mission to get out of debt for the past 7 months. I received Dave Ramsey's Total Money Makeover Book for Christmas and I've been on a mission ever since. My wife and I have paid off about $15k to date and will be completely debt free (except our house) by next April. I can't wait to have the burden of debt lifted off my shoulders!

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Permalink Reply by DadThree on August 7, 2008 at 9:39pm

We're debt free except for the house. How did we do it? My wife and I are on the same financial wavelength - save save save.

Turns out we were on step 4 of Dave's plan before we ever heard of him. Bought his Money Makeover book last fall. I enjoy listening to his radio talk show and read "stupid tax" entries on his web site.

Our plan is to pay off the house early but with the economy the way it is and no bonus at work this year, that plan might be delayed some.

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Permalink Reply by William on August 7, 2008 at 10:30pm

I don't think my wife and I have ever been on that wavelength together. I'll take most of the blame for that. I made the mistake of giving her the impression we could keep up with the Joneses.

DadThree said:

We're debt free except for the house. How did we do it? My wife and I are on the same financial wavelength - save save save.

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Permalink Reply by Joe Ingersoll on August 8, 2008 at 3:10pm

My wife and I just recently took a big step toward getting on the same financial wavelength. We combined our separate checking/savings accounts and we started reviewing our budget plan at the beginning of each month. We also agreed to talk through any unplanned spending in advance to determine what adjustments need to be made to the monthly budget plan. Now we both can see where all of our money goes each month. As DadThree mentioned, it is critical for long term success to be on the same financial wavelength with your spouse.

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Permalink Reply by Stephen Jeffers on August 8, 2008 at 4:43pm

I'm a newbie to Ramsey, but I do like the concept, I recently took it to my wife to review. I've always been the money person and we've been through 3 or 4 versions of budgets. i think that the snowball effects is a powerful one, but the only issue is sustaining it after the bills are gone, its definitely a lifestyle change just like losing weight.

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